Topping 2024’s first batch of op risk losses, Morgan Stanley made a $249.4 million settlement for a block trading fraud that spanned more than three years. Between January 2018 and August 2021, the firm’s equity desk leaked confidential information to investors ahead of block trades, according to a settlement made jointly between the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC).
It was found that then-head of the US equity syndicate desk, Pawan Passi, along with
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